Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot store last week. Other brands are expected to close boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

Executive will leave the company effective Nov. 2 for a new position outside the firm.

POLETTO EXITS: Furla SpA said Thursday that chief executive officer Eraldo Poletto will leave the company effective Nov. 2 for a new position outside the firm.

Chairman Giovanna Furlanetto thanked Poletto for contributing to the reorganization of the Italian accessories firm — from marketing and retailing to streamlining production and its supply chain, while developing its distribution network and expanding it internationally.

In a phone interview from Mumbai, where Poletto was unveiling a new Furla store, he said he was “very grateful” to Furla and what had been accomplished. “My heart will always be with Furla. It was a difficult and important choice, but I leave a company that is well-organized and well-structured,” he said.

Poletto declined to reveal where he is headed, nor did a Furla spokeswoman have information about the his successor.

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